- Vanstar Mining Resources Inc. (VSR) enters a definitive option agreement with IAMGOLD Corporation (IMG) for an interest in the Bousquet-Odyno gold project
- IAMGOLD has granted Vanstar an option to earn up to a 75 per cent interest in the property
- The property is comprised of 37 contiguous mining claims covering approximately 1,492 hectares in Quebec
- Vanstar is fully permitted for drilling on the property and will initiate a drilling program next month
- Vanstar Mining Resources Inc. (VSR) is down 2.56 per cent trading at $0.38 per share as of 3:09 p.m. ET
- IAMGOLD Corporation (IMG) is down 7.19 per cent trading at $4.00 per share as of 3:10 p.m. ET
Vanstar Mining Resources (VSR) has signed a definitive option agreement with IAMGOLD Corporation (IMG) for an interest in the Bousquet-Odyno gold project.
IAMGOLD has granted Vanstar an option to earn up to a 75 per cent interest in the property. The property is comprised of 37 contiguous mining claims covering approximately 1,492 hectares in Quebec.
Vanstar has the option to complete as operator a minimum of $4 million in exploration expenditures over four years and will have the right to earn its maximum interest in the property, by completing the following steps:
- Vanstar can earn an initial 25 per cent interest by investing a total of $2 million in qualifying expenditures, over a maximum two-year period beginning this month
- Vanstar can earn an additional 50 per cent interest in the Property by investing a further $2 million in qualifying expenditures over a maximum four-year period
IAMGOLD has the right to earn back a 50 per cent interest in the property by spending four times the exploration expenditures accumulated since the completion of the second earn-in period within three to five years.
Subject to the satisfaction of the conditions and transaction completion, Vanstar and IAMGOLD will enter a joint venture to hold and advance Bousquet-Odyno.
Vanstar is fully permitted for drilling on the property and will initiate a 4,000-metre drilling program next month. The program is designed to test areas down plunge from known high grade zones as well have test additional areas on the surface.
In other news, Vanstar’s 2021 drill program on its Felix project returned no significant gold intercepts. The company is evaluating its next steps with respect to this project.
Vanstar Mining Resources Inc. (VSR) is down 2.56 per cent trading at $0.38 per share as of 3:09 p.m. ET.
IAMGOLD Corporation (IMG) is down 7.19 per cent trading at $4.00 per share as of 3:10 p.m. ET.